Home » IQ Protocol to revolutionize NFT markets as Crypto.com Capital leads $12M raise

IQ Protocol to revolutionize NFT markets as Crypto.com Capital leads $12M raise

by 100IQ Win The Knowledge


Tallinn, Estonia, March 3, 2022 — IQ Protocol, a project that creates both fungible and nonfungible tokens (NFT) and provides NFT-lending and renting-market frameworks, has announced a successful fundraising round that includes backing from more than 30 blue-chip venture capital (VC) firms and private investors. 

IQ Protocol’s framework of wrapped expirable assets allows risk-free renting without the need for collateral. The framework supports fungible tokens that allow sound tokenized subscription models and NFTs that allow users to rent GameFi and metaverse assets such as weapons, characters and skins for a fixed period. 

Bobby Bao, managing director of Crypto.com Capital, said, “IQ Protocol’s wrapped expirable versions of digital assets are an innovative solution that enables collateral-less utility loans. We’re proud to co-lead IQ Protocol’s latest fundraising round and help pioneer new products alongside them.”

IQ Protocol has been publicly active since mid-2021, providing token-staking pools for projects such as Parsiq and Mysterium Network, with several more set to launch in the coming months. 

Since the announcement of the NFT-rental functionality, the team has secured partnerships with prominent GameFi projects, including Nyan Heroes, Battle Saga, Space Sip, Zone of Avoidance, Spark Era and other esports and metaverse projects. 

Brian Johnson, head of operations at Republic Capital said, “IQ Protocol is a game-changer for the digital asset space by creating a subscription and rent-to-own model for NFTs. At Republic Capital, we are very excited for what this means for the ecosystem.”

Alongside a roster of prominent VCs, IQ Protocol was also backed by a group of angel investors, including Polygon founder Sandeep Nailwal and Paxos founder Richmond Theo. 

Other angel investors included CoinList head of partnerships Mike Zajko, Yield Guild Games head of partnerships Sarutobi Sasuke, Good Glamm Group founder Priyanka Gill and Temasek founder Antony Lewis.

David Cai, co-had of Kronos Ambrosia Fund, said, “IQ Protocol offers a unique way for the lending and borrowing of NFTs in a decentralized and permissionless manner. We see many use cases in the financial and gaming NFT space, and we are excited to help support IQ Protocol in its future endeavors.”

The complete list of institutional investors includes Crypto.com Capital, Republic Capital, Kronos Research, GSR, Axia8 Ventures, Wave7, Double Peak Group, PetRock Capital, LVT Capital, One Block Capital, Wealth Union, Solar Eco Fund, Genblock Capital, Argo Labs, Warp Speed Capital, Alpha Crypto Group, ZBS Capital, Cryptology Asset Group, Mission Ventures, Influence Capital, AU21 Capital, NGC Ventures, GBV Capital, FBG Capital, Digital Strategies, Contango Digital Assets, Criterion VC, Cipholio, MEXC Global, 7 O’Clock Capital, Pluto Digital, StarLaunch, Oddiyana Ventures, Vespertine Capital, M77 Ventures, LuaVentures, Parachain Ventures, Perridon Holdings, ParaState Labs, DAO Capital, Crypto Round Table, Rainmaker Games, ChainMyth, Firework Games, DefiYield, Solarpunk Ventures, DAOSquare, BreederDAO, Play It Forward, Unix Gaming and Cryptomeria Capital.

The complete list of angel investors includes Mike Zajko of CoinList, Paxos founder Richmond Theo, Polygon founder Sandeep Nailwal, Rahul Dalmia, Sarutobi Sasuke of Yield Guild Games, Waleed Rassuli of Tezos, Good Clamm Group founder Priyanka Gill, SupraOracles founder Heslin Kim, Labs Groups founder Yuen Wong and Bekar Goletiani of Red Bull.

 

Tom Tirman, CEO of IQ Labs, said, “We’re delighted at the tremendous response IQ Protocol has received. We were extremely fortunate to be highly oversubscribed and therefore able to select long-term strategic partnerships to best position us for success. 

“We stand to gain significant benefit from the depth and diversity of experience that encompasses exchanges, launchpads, guilds, blockchains and TradFi, which will bring great synergy to the IQ Protocol roadmap. We’d like to take this opportunity to thank our backers and look forward to an exciting journey ahead.”

The IQT token will launch in the coming months. For more information on the token launch, whitelist and airdrops, visit the website and follow IQ Labs’ social media channels. 

About IQ Protocol

IQ Protocol is a decentralized money market for digital-asset renting and on-chain subscriptions: The next financial project that allows users to rent wrapped expirable versions of digital assets without collateral for their utility while allowing holders to earn by providing liquidity without risk.

Contacts

Communications lead

  • Francis Foster
  • IQ Labs
  • francis@parsiq.net



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